Adani Ports to acquire controlling stake in Gangavaram Port for Rs 3,604 crore – Business News , Firstpost

The Gangavaram Port handles a various mixture of dry and bulk commodities together with coal, iron ore, fertiliser, limestone, bauxite, sugar, alumina and metal

A file photograph of Gautam Adani. Image courtesy: Adani Group

New Delhi: Adani Ports and Special Economic Zone on Tuesday mentioned it would acquire controlling curiosity in Gangavaram Port Ltd (GPL) from DVS Raju and household for Rs 3,604 crore taking its stake in GPL to 89.6 p.c.

GPL is situated in the northern a part of Andhra Pradesh subsequent to Vizag Port.

“Adani Ports and Special Economic Zone (APSEZ), India’s largest private ports and logistics company and the flagship transportation arm of the diversified Adani Group, is acquiring the 58.1 percent stake held by DVS Raju and family in Gangavaram Port Limited (GPL),” the corporate mentioned in an announcement.

The acquisition is valued at Rs 3,604 crore.

APSEZ had introduced acquisition of Warburg Pincus’ 31.5 p.c stake in GPL on 3 March, 2021, and along with this acquisition, APSEZ would have 89.6 p.c stake in GPL.

“Ports play a major role in shaping the future. Through APSEZ’s 89.6 per cent stake in Gangavaram port, the Adani Group will greatly expand its pan-India cargo presence. As India’s largest private sector port developer and operator, we will accelerate India’s and AP’s industrialisation,” Adani Group Chairman Gautam Adani mentioned in a tweet.

It is the second largest non-main port in Andhra Pradesh with a 64 MT capability established underneath concession from Government of Andhra Pradesh (GoAP) that extends until 2059.

It is an all-climate, deep water, multipurpose port able to dealing with absolutely laden tremendous cape dimension vessels of up to 2,00,000 DWT, the assertion mentioned.

Currently, GPL operates 9 berths and has free maintain land of 1,800 acres. With a grasp plan capability for 250 MTPA with 31 berths, GPL has enough headroom to assist future development.

GPL handles a various mixture of dry and bulk commodities together with coal, iron ore, fertilizer, limestone, bauxite, sugar, alumina and metal.

GPL is the gateway port for a hinterland unfold over eight states throughout japanese, southern and central India, the assertion mentioned including it would profit from APSEZ’s pan-India footprint.

Karan Adani, CEO and Whole Time Director of APSEZ mentioned, “The acquisition of GPL is a further augmentation of our vision of capitalizing on an expanded logistics network effect that generates greater value as it expands.”

He added that “the related hinterland we’ll now give you the option to faucet into is likely one of the quickest rising in the japanese area and with the logistic synergies APSEZ brings to the desk, GPL has a possible to develop into a 250 MT port. This will undoubtedly assist speed up the industrialisation of AP.

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